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Section 1: 8-K (8-K)

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

Form 8-K

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

     
Date of Report (Date of earliest event reported):   February 5, 2019

 

 

 

First Bancorp

 

(Exact Name of Registrant as Specified in its Charter)

         
North Carolina   0-15572   56-1421916
(State or Other Jurisdiction   (Commission   (I.R.S. Employer
of Incorporation)   File Number)   Identification Number)

 

         

300 SW Main Street,

Southern Pines, North Carolina

     

 

28387

(Address of Principal Executive Offices)       (Zip Code)

 

(910) 246-2500

 

(Registrant’s telephone number, including area code)

 

Not Applicable

 

(Former Name or Former Address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company         o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          o 

 

 

 

 

 

First Bancorp
INDEX

         
    Page
         
Item 8.01 – Other Events     3  
         

Item 9.01 – Financial Statements and Exhibits

 

    3  
         
Signatures     4  
         
     

 

 

2

 

 

 

 

 

Item 8.01 – Other Events

 

On February 5, 2019, the Registrant issued a news release to announce a cash dividend and a share repurchase program.

The Registrant reported that its board of directors had declared a cash dividend of $0.12 per share on its common stock payable on April 25, 2019 to shareholders of record as of March 31, 2019. The $0.12 dividend rate represents a 20% increase over the prior dividend rate of $0.10.

The news release also stated that the Registrant’s Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company may, from time to time, purchase shares of its common stock for an aggregate repurchase price not to exceed $25 million. Share repurchases may be executed through various means, including, without limitation, open market transactions, privately negotiated transactions or otherwise. The initial expiration of the Share Repurchase Program is set for December 31, 2019. The Share Repurchase Program does not obligate the Company to purchase any shares. The authorization for the Share Repurchase Program may be terminated by the Company’s Board of Directors at any time. The Share Repurchase Program replaces the repurchase authorization that had been in place since approval by the Board of Directors on July 30, 2004.

 

Item 9.01 – Financial Statements and Exhibits

Exhibit 99(a) – News Release dated February 5, 2019

 

3

 

 

 

 

 

Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

             
            First Bancorp
             
   

 

February 5, 2019

 

 

By:

 

 

/s/ Richard H. Moore

            Richard H. Moore
            Chief Executive Officer

 

 

           

4

 

 

 

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Section 2: EX-99.A (EX-99.A)

 

 

News Release

 

 

For Immediate Release: For More Information,
February 5, 2019 Contact:  Elaine Pozarycki
  919-834-3090

 

 

First Bancorp Announces Cash Dividend Increase and

Share Repurchase Authorization

 

 

Southern Pines, N.C. – The Board of Directors of First Bancorp (NASDAQ - FBNC), the parent company of First Bank, has declared a cash dividend on its common stock of $0.12 per share payable on April 25, 2019 to shareholders of record as of March 31, 2019. The $0.12 dividend rate represents a 20% increase over the previous dividend rate of $0.10.

 

Additionally, the Board of Directors has authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company may purchase shares of its common stock for an aggregate repurchase price not to exceed $25 million. The initial expiration of the Share Repurchase Program is set for December 31, 2019. The Share Repurchase Program does not obligate the Company to purchase any shares. The authorization for the Share Repurchase Program may be terminated by the Company’s Board of Directors at any time.

“We are pleased to report these shareholder-friendly initiatives,” stated Richard Moore, Chief Executive Officer of First Bancorp. “As a result of high levels of earnings, the Company’s capital position has increased significantly and provided us the opportunity to increase the dividend rate and to consider share repurchases if they are believed to be beneficial to shareholders.”

 

 

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $5.9 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 101 branches in North Carolina and South Carolina. First Bank also operates one loan production office in Raleigh, North Carolina. First Bank Insurance Services is a subsidiary of First Bank and provides insurance products and services to individuals and businesses throughout First Bank’s market area. First Bank also provides SBA loans to customers through its nationwide network of lenders – for more information on First Bank’s SBA lending capabilities, please visit www.firstbanksba.com. First Bancorp’s common stock is traded on The NASDAQ Global Select Market under the symbol “FBNC.”

 

Please visit our website at www.LocalFirstBank.com.

 

 

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